Avoid This 6-Figure Roth IRA Mistake

Рет қаралды 20,592

Күн бұрын

Пікірлер: 63

@Andyg2g 3 ай бұрын

Can we talk about how consistently informative and well-made these videos are??? Your channel is super underrated! Can’t wait to watch it blow up!

@amybellesheim4785 2 ай бұрын

Yes! Agree! Love your channel Alex! I've learned so much

@ScagsWH13 4 ай бұрын

I appreciate the information! Opened a Roth IRA a few years ago and wasn't able to max it out until recently. No time like the present!

@isoluniv_714z7 3 ай бұрын

I really appreciate your videos. You always explain things so well!

@spykex9467 2 ай бұрын

Do you have any videos on Schwab's target date funds. I am planning to set up a Roth IRA and am debating between the 3-fund portfolio and the TDF offered by Schwab.

@rubbersoulboy 4 ай бұрын

Charles Schwab bought TD Ameritrade.

@Optimus-Prime-Rib 3 ай бұрын

Can you talk about the 529 rollover into a roth ira for multiple children. Especially the 15yr rule and how it applies to beneficiaries. Ie) start with multiple 529’s for each kid. Or one and change the beneficiary. The catch being does the 15year rule reset with a beneficiary change? Thx

@ProductResearchVirginia 3 ай бұрын

Is it possible to invest $7,000 once a year instead of $583.33 each month?

@vishutdhar 3 ай бұрын

Yes

@ProductResearchVirginia 3 ай бұрын

@@vishutdharty

@SonOfIroh 3 ай бұрын

Yes absolutely In fact to a degree it is more mathematically advantageous to invest the whole sum at the beginning of the year and just leave it to do what the market is going to do over the course of the year. Some people will contribute to it at the end of the year and that means you missed out on that entire Year's potential gains. For most people you're better off being a buy and hold investor AKA a Warren Buffett style investor. Which means that the day-to-day or even month-to-month swings in the market are largely irrelevant to you because over time the market generally goes up. The average market downturn usually only lasts about 1 to 2 years so if you have several years potentially even decades before you retire then the strategy would be very advantageous for you potentially

@TripSoul10 3 ай бұрын

Starting at age 50, you can contribute $1000 more than normal maximum or $8000 currently for catchup. 401Ks also also more contributions beyond maximum.

@evehanlin 2 ай бұрын

THANK YOU for your videos!! Will you please make a video on ESG Investing?

@MusouInken 3 ай бұрын

When it comes to investing for your kids, I think you should probably note that up to $35k from a 529 plan can be rolled over into a roth IRA for the kid, and those contributions don't have the same limitations on them.

@FedericoMancino 2 ай бұрын

so i went from a 401k to a custodian IRA where they picked there owned stocks ,,,i moved it to my own IRA through CS brokage acct and now i like to put that amount into an ETF ....How do i go about that? i know im trying to get it right please help

@regsonregs 3 ай бұрын

If I have stocks in my Roth IRA can I move them to an index fund without penalty?

@mahmudiftekharzamil7972 Ай бұрын

If someone already has 401k and invest regularly in stocks, is there any need or benefit to open a Roth IRA ? S/he can just invest in stocks?

@EMVelez 28 күн бұрын

Tax advantages

@莫民奇妙 3 ай бұрын

Why you didn’t talk about the eligibility to contribute to Roth IRA?

@snosister 3 ай бұрын

any insight / recommendations for investing in Roth 401K vs regular 401K through work? Have a 6 % match and I am pretty solidly in the 25% tax bracket currently.

@michaellwest 3 ай бұрын

You'll want to really consider contributing to the Roth 401k..The contributions are after tax but the growth on your money is not taxed. The matching funds from your employer will still be pre-tax.

@alrocky 3 ай бұрын

Federal Tax brackets are 12% 22% 24% What is you FTB and state tax rate? At retirement do you plan to move to another state with higher or lower tax rate? Do you expect your career to take you to 32% or higher FTB?

@TripSoul10 3 ай бұрын

First contribute to match the employer match then put more towards the Roth 401K. Increase the Roth annually even if it is 1% more.

@javilpatel3654 2 ай бұрын

Hi, I have a quick question I just graduated college. and for my job started in June. By the end of the year I estimated I will make $119,380.31. I am filling single will I be about to contribute without getting fined? But my total salary for the year is above the limit. But since I started in June, I will not reach the limit by the end of the year.

@alrocky 2 ай бұрын

Generally you first to want to contribute enough income to receive your 401(k) company match. Looks like your 2024 MAGI is under $146k since you estimate $120k for the year so you may contribute $7,000 to Roth IRA.

@bikenraider99 4 ай бұрын

Appreciate the insight. Definitely do, did, some of these.

@GamingDaily 3 ай бұрын

I am trying to figure out which TOR Fantasy Books you have on the top left shelf

@AlexQuinnYT 3 ай бұрын

Good eye. Wheel of Time, one of my all-time favorite series!

@GamingDaily 3 ай бұрын

@@AlexQuinnYT that’s awesome. My top series is Sword of Truth series then Wheel of time. 👍

@6toomany 3 ай бұрын

40 years... 40?? The whole plan is only 25 years old... 40 years is great if you're not already 58... And have never had it available at work until 4 years ago... And just now seeing this info... The people that could use this advice and have time to implement it.. aren't watching this video.. they are over on tic Tok watching other basement huggers live off their parents.😷

@nathanvanwie643 3 ай бұрын

Yeah….. pretty hard to max it out when a wedding costs close to $20k, have $90k student loans, and not living with my parents. Making $70k isn’t nearly as good as it used to be. $100k is the new $50k job nowadays.

@drew8235 3 ай бұрын

It can be tough to max it out for sure. To be clear, though, spending 20k on a wedding is a want, not a need. So that amount of money could certainly go towards paying the student loans down.

@CelestialWeasel 3 ай бұрын

Yeah Nathan, if you have 90k in student loans but only make 70k you need to start making some serious concessions in your life. It doesn’t matter how good your investment portfolio returns are if you’re making terrible financial decisions when it comes to spending. You don’t need a 20K wedding to love someone and quite honestly you cannot afford it.

@nathanvanwie643 3 ай бұрын

@@CelestialWeasel yeah, my main point is the number 1 mistake in your Roth IRA shouldn’t be ‘you don’t max it out when you are 20’. I’m tired of clicking on videos trying to learn something and they list the ‘number 1 mistake’ as not maxing out your 401k and Roth in your 20s. I know they mean well but acting like most early or even mid 20s can drop $30k online yearly retirement isn’t helping. And the people who can actually drop that amount either have a ton of money already where it doesn’t matter or living with parent. And I know this video was about Roth but I’ve seen this topic repeated a lot for both.

@papijelly 3 ай бұрын

It's about priorities 20k marriage was the priority. the way I see it both of you could have maxed out the Roth and still had 6k left. That's almost the full amount for next year. Or a honeymoon no need to spend 20k on a party. It's like stealing from your older self .

@nathanvanwie643 3 ай бұрын

@@papijelly I’m not spending $20k on a wedding, it’s just an example that I see a lot of people use. We are cutting it close on a lot of things doing $10k. I’m just tired of seeing all of the ‘tips’ with Roth/401k to just have more money.

@warsurplus 3 ай бұрын

Winning a scratch-off ticket wouldn't change one's eligibility to contribute to a Roth IRA. Lottery winnings are not earned income.

@AlexQuinnYT 3 ай бұрын

Not eligibility, but it may give you extra cash to contribute to your Roth IRA (if you had to otherwise spend it on bills/rent/mortgage/etc.).

@warsurplus 3 ай бұрын

@@AlexQuinnYT Understand, thanks for the prompt reply.

@JakeSlaughterr 3 ай бұрын

These are no brainer 😂😂😂 wtf

@CaseyBurnsInvesting 4 ай бұрын

I’m not going to help my baby file his tax returns. That’s why this generation is so soft, always being spoon fed. LITERALLY!

@TubBunnyChews 3 ай бұрын

Preach

@irbe2091 3 ай бұрын

lol

@Optimus-Prime-Rib 3 ай бұрын

Lol loser father right here ☝️

@NateSail82 Ай бұрын

Agreed too much comfort brings weakness. My family doesn’t do inheritance, bail out, or any of that other nonsense. I will help my kid through college. As a result our whole line are doctors, scientists, experimental aviation for me, etc and all quite comfortable financially.

@Jeffrey-s6z 3 ай бұрын

Can you stop using vocal fry?

@Andyg2g 3 ай бұрын

Useless comment.

@Jeffrey-s6z 3 ай бұрын

@@Andyg2g Useless comment.

@Andyg2g 3 ай бұрын

@@Jeffrey-s6z useless person.

@kito1san Күн бұрын

Can you do a video on roth 401k? What is it? Limits and restrictions. How to open one? Thanks.

@Jbay11b 4 ай бұрын

Thank you so much for this info! You helped me realize a big mistake that I’ve been making this whole year that would have gotten me into a bit of trouble with the IRS. Luckily, it looks like I can resolve it pretty easily. Without this heads up I wouldn’t have known anything was wrong until I filed taxes. 😅

@rgbtrashcan9148 4 ай бұрын

Would you recommend investing in more than one mutual fund in your IRA? I was thinking about doing mostly large cap funds with some small and medium cap mixed in. I am new to this so your videos have helped a lot!

@rgbtrashcan9148 4 ай бұрын

Meant to say Roth IRA

@KL-ii6dt 3 ай бұрын

Just invest in VTI

@spazzman90 3 ай бұрын

VGT, VOO, VTI. In that order.

@alrocky 3 ай бұрын

@@spazzman90 VOO S&P 500 is subset represents most of VTI Total US Stock Market, both nearly identical to each other thus interchangeable so there is no strong reason to hold both within the same account. VGT is a sector or Tech specialized fund which generally shouldn't the core or majority holding of one's portfolio and generally not the first one to invest in.